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'Very Arbitrary' = VA Appraisals in Kitsap County WA

Being a licensed real estate professional here on the beautiful Kitsap Peninsula in scenic Washington State, I have the honor and privilege of serving a sizeable military community, consisting primarily of active-duty US Navy service members and their families stationed at Naval Base Kitsap. bangor-subase-wa-real-estate

As such, a large percentage of the Buyers and Sellers I represent are involved with VA Financing. As a Navy veteran and former submarine sailor, I know firsthand the benefits of using a VA home loan. We bought our first two homes using VA Financing. It's one of the few ‘Zero-Down‘ loan products still available in today's lending market.

Unfortunately, there are some potential pitfalls associated with VA financing, especially as it relates to VA Appraisals.

To get the full scoop, go to VA ('Very Arbitrary') Appraisals in Kitsap County WA at SOUNDBITEBLOG (opens to a new window for your viewing ease)

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Rich Jacobson is a licensed real estate professional providing knowledgeable empowerment and relentless representation for his clients of residential properties and vacant land throughout all of Kitsap County WA and portions of Pierce, Mason, and Jefferson Counties. You can also find him at KitsapLife.com, SOUNDBITEBLOG and Crabbing in the Hood, or e-mail: kitsapagent@gmail.com

Posted by Rich Jacobson Your Kitsap County WA Real Estate Agent on 11/08/2009 03:10 PM

Comments (5)

Va Appraisals in the Mortgage / Finance Channel

va appraisals, va appraisers, va buyers, va financing, va home loans, kitsap county wa real estate, naval base kitsap

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5 Comments on 'Very Arbitrary' = VA Appraisals in Kitsap County WA

NOV

Rich - I too bought my first home using my VA loan when working for UPS. It was a bit difficult to get done as a customer back then (1992). I see a lot more difficulty and requirements that peviously were not a concern when it come to the veterans credit.

Since you are dealing mainly with the condition of the property I thought this might help. Always refer to VA Pamphlet 26-7 http://www.warms.vba.va.gov/pam26_7.html to ascertain whether or not a property will meet minimum requirements. Only problem is (and you hit the nail on the head) is that it is somebody's "opinion" that dictates whether or not a condition is deemed acceptable. Here it is copied and pasted directly from VA 26-7 minimum property condition below. It does state that HUD guidelines must be met which override state requirments if the state requirements are more liberal.

I hope this helps you and other agents reading this blog

Hazards

The property must be free of hazards which may

•· adversely affect the health and safety of the occupants

•· adversely affect the structural soundness of the dwelling and other improvements to the property, or

•· impair the customary use and enjoyment of the property by the occupants.

Defective Conditions

Conditions which impair the safety, sanitation, or structural soundness of the dwelling will cause the property to be unacceptable until the defects or conditions have been remedied and the probability of further damage eliminated. Such conditions include but are not limited to

•· defective construction

•· poor workmanship

•· evidence of continuing settlement

•· excessive dampness

•· leakage

•· decay, and

•· termites.

Nevin: Excellent added points. Thanks for sharing copied portions of the manual. This is what they referenced in their determination. But again, as I shared with them, how do you maintain any consistency in the application of this pamphlet when it leaves so much open to subjective opinion?

NOV

Hi Rich... and it's not just in your area... Very Arbitrary is a great V.A. term down here in Texas too. It just seems there is a lack of consistency or logic to the appraisals sometimes. Thanks for the VA chuckle!

Hey, Steve! Like the new pic, you handsome devil, you!....How's tricks?...

Rich-I've also worked with a lot of VA buyers. As if appraisels aren't subjective enough, VA appraisels can be the pits. While they are only suppose to call safety issues on the inspection component, I had them call out cosmetic issues. It can be very frustrating not to mention conservative values. I've recently been successful in contesting a VA appraisel but it was a lengthy process.

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